Pi Network price at risk as top whale starts moving coins
Pi Network price was stuck in a tight range on Wednesday, February 4, as the crypto market sell-off continued and as its biggest whale started moving his holdings.
- Pi Network price is hovering near its all-time low.
- The biggest whale has started moving coins recently.
- Technical analysis suggests that the coin will continue falling.
Pi Coin (PI) token was trading at $0.1588, a few points above the all-time low of $0.1487. It has plunged by 95% from its highest point in February last year, a move that has erased billions of dollars in value.
The main reason for the ongoing Pi Network crash is that demand for cryptocurrencies has continued falling in the past few months. Bitcoin (BTC) and most altcoins have all plunged, erasing billions of dollars in value.
Pi Network’s biggest whale has also stopped buying tokens as he used to before. His last purchase was on January 14, when he bought over 1.26 million tokens worth over $200,000.
The whale has now started moving tokens, a sign that he may be capitulating. He moved over 8.6 million Pi coins worth $1.36 million 11 days ago. He then moved over 8.4 million coins valued at $1.3 million on Monday this week.
Pi’s crash has also coincided with the weak demand among investors, as its daily volume has remained below $20 million. Also, the Valour Pi Fund, which was launched in August last year, has accumulated just SEK 18,684 in assets worth $2,000.
At the same time, its supply has continued rising. It will unlock over 193 million Pi tokens worth $30 million in the remainder of the month. It will unlock 1.3 billion coins in the next 12 months.
The decline has accelerated as investors ignored a recent network upgrade that boosted the KYC process. It also launched a new upgrade to ease the implementation of Pi payments in its ecosystem apps.
Pi Network price technical analysis
The daily chart shows that the Pi Coin price has crashed and is hovering at its all-time low. It has moved below the key support level at $0.1918, its lowest level in November and December last year.
The coin has remained below the Parabolic SAR and the 50-day Exponential Moving Average. It is also trading slightly above the Strong Pivot Reverse level of the Murrey Math Lines tool.
Therefore, a drop below the current support level will point to more downside, potentially to the Ultimate Support at $0.100. This target is about 35% below the current level.
